Accounting Procedures

PROCEDURE TITLE:

Reallocations and Corrections of Accounting Distribution

PROCEDURE NUMBER:

GAPR 06

RELATED POLICY STATEMENT(S):

None

DATE ISSUED:

July 1, 1993

DATE REVISED:

January 1, 1995

OVERVIEW

Periodically, it is necessary to process a journal voucher to adjust or correct a previously recorded transaction or to record a miscellaneous internal transaction. A very limited number of departments with a high volume of adjustment transactions have been previously approved by the Controller's Office to prepare their own journal vouchers. The departments not given prior approval should follow the attached procedures. All departments, regardless of their processing status, should check budget availability before requesting a journal voucher to be processed or processing one themselves.

REQUIRED FORM(S)

None

PROCESSING STEPS

When the need for a journal entry has been identified by a department, they should provide a memo to the designated Accountant within the Controller's Office responsible for processing transactions for the fund type(s) to be impacted (reference the Contacts List in Section II of this manual for an identification of these individuals). The memo should include a reference to the initial transaction (if applicable), the approximate date that it was processed and the reason(s) for the entry. If more than one department will be affected by the adjustment, the department initiating the request is responsible for advising all impacted parties. This should be accomplished by providing the other departments with a copy of the memo sent to the Controller's Office.

In situations in which expenses are just being transferred between two departments (one is not actually performing services for another), the requested transfers should use the same expense account code, thus offsetting and having no impact to the University in total.